The global cardiac catheters and guidewires market size was around USD 12.00 Billion in 2020 and is expected to expand at a (CAGR) of 7.4% during the forecast period 2020 - 2028. The growth of the market is attributed by rising prevalence of cardiovascular diseases across the globe.
Cardiac catheters are mainly used to open blocked blood vessels and improve the blood flow. Angioplasty is recommended for the treatment of peripheral vascular diseases. In this procedure, the cardiac catheter is inserted through the blood vessel to examine the affected artery, which then reopens the artery and flattens the blockage of the artery wall.
Market Drivers, Restraints, Trends, and Opportunities
- Government initiatives and improvement in reimbursement scenario are driving the global cardiac catheters and guidewires market.
- Rising geriatric population, increasing the prevalence of heart diseases and ongoing technological advancement are expected to spur the market growth.
- Rising government funding and improvement in the healthcare facilities are anticipated to boost the market growth.
- High cost involved for the heart surgery and lack of skilled professionals can restrain the growth of market.
- Poor reimbursement scenario in low and middle-level countries can hinder the market.
Scope of the Report
The report on the global cardiac catheters and guidewires market includes an assessment of the market, trends, segments and regional markets.
Cardiac Catheters and Guidewires Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecas
Products (Cardiac Catheters [Electrophysiology Catheters, PTCA Balloon Catheters, IVUS Catheters, PTA Balloon Catheters, and Others] and Cardiac Guidewires), and End-uses (Hospitals, Clinics, and Ambulatory Surgical Canters (ASCs))
North America, Latin America, Europe, Asia Pacific and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Driving Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Abbott Laboratories, Boston Scientific, Maquet, Medtronic, St.Jude Medical, Sorin GroupTerumo Medical, Biosense Webster, Biotronik, and Cordis.
Global Cardiac Catheters and Guidewires Market Segment Insights
Cardiac catheters to hold a large market share
Based on products, the market is bifurcated into cardiac catheters and cardiac guidewires. The cardia catheters segment is further segmented into electrophysiology catheters, PTCA balloon catheters, IVUS catheters, PTA balloon catheters, and others. The cardiac catheters accounted for more than 84% of the market share in 2020 and is anticipated to grow at a healthy rate during the forecast period. Increasing cases of cardiovascular diseases across the globe is driving the market segment. As per the report published by the World Heart Federation, in 2018, 80% of the deaths in low to middle-income countries are caused due to cardiovascular diseases. Similarly, as per the World Health Organization (WHO), in 2018, around 17.9 million deaths occur globally due to the cardiovascular diseases.
Hospitals segment to account a considerable market share
Based on end-uses, the market is segmented into hospitals, clinics, and ambulatory surgery centres. The hospital segment accounted for more than 40% of the market share in 2020, in terms of revenue. Rising number of hospitals in countries such as the US and Canada is expected to spur the segment growth. According to American Hospital Association, more than 6,210 hospitals were reported in the US in 2020. Conversely, the ambulatory surgery centers (ASCs) segment is anticipated to grow at a robust rate during the forecast period. Angioplasty, PCI, and cardiac catheterization are crucially recommended for the treatment of such diseases, thus increasing the hospital admission rate in the country.
North America to account a large share
In terms of regions, the market is divided into North America, Latin America, Europe, Asia Pacific and Middle East & Africa. North America dominated the cardiac catheters and guidewires market with a share of above 45% in 2020. Rising incidence of cardiovascular diseases in the region is expected to propel the regional market growth. For instance, as per the report published by the Centres for Disease Control & Prevention (CDC), in 2018, around 370,000 people die due to coronary heart disease every year in the US. It also reported that around 735,000 US-based citizens undergo heart attack every year.
The implementation of favourable reimbursement policies, introduction of technologically advanced products, and presence of several key players in the market are projected to drive the regional market growth.
The market in Asia Pacific is projected to exhibit a high CAGR during the forecast period. Growing prevalence of cardiovascular diseases in emerging economies such as India and China is driving the growth of the market in the region. Moreover, existence of several local players in China and Japan may propel the regional market growth.
The global cardiac catheters and guidewires market has been segmented on the basis of
- Cardiac Catheters
- Electrophysiology Catheters
- PTCA Balloon Catheters
- IVUS Catheters
- PTA Balloon Catheters
- Cardiac Guidewires
- Pharmacy Store
- Ambulatory Surgery Centres (ASCs)
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
The major players of the market are Abbott Laboratories, Boston Scientific, Maquet, Medtronic, St.Jude Medical, Sorin GroupTerumo Medical, Biosense Webster, Biotronik, and Cordis.
Companies are focusing on expanding their product portfolio and are engaging in partnerships and acquisitions to expand their market share.